Global wave of layoffs: more than ten thousand employees in three days

Four major companies — Barclays, American Express, eBay, and Volvo — announced within three days plans to cut approximately 12,000 jobs worldwide. The reasons range from efficiency through artificial intelligence to weakening demand and restructuring.

Within three days, four major companies announced plans to cut approximately 12,000 jobs worldwide. Barclays announced a reduction of 5,000 jobs (about 5% of its workforce) by the end of the year, using technology and artificial intelligence to reduce costs. American Express announced a cut of 3,500 jobs (about 5% of its global workforce), alongside strong quarterly results with a 28% increase in net profit. eBay announced a cut of about 1,000 jobs (about 9% of its workforce) to simplify the company's structure. Volvo announced an additional cut of about 2,500 jobs, mainly in Sweden, amid a shift to an operating loss and uneven demand for electric cars. The article notes that there is no single explanation for the wave of layoffs, but the accumulation of announcements suggests a deep change in how companies define the workforce needed in the age of automation and artificial intelligence.